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PH’s factory gate price rose a bit faster in June

The Producer Price Index (PPI) for the manufacturing sector grew at an annual rate of 1.0 percent in June, slightly up from  0.9 percent in May, the Philippine Statistics Authority (PSA) said.

In a report on Tuesday, PSA also said last month’s result was the same as what the PPI recorded in June 2018.

“The increment can be attributed to the increases in the indices of six major industry groups, led by furniture and fixtures with an annual growth of 57.9 percent,” it added.

Other industry groups that increased prices include non-metallic mineral products (8.5 percent), rubber and plastic products (5.1 percent), beverages (3.0 percent), tobacco products (3.9 percent), and printing (0.3 percent).

On the other hand, leather products, which went down by 19.5 percent, led the 14 major industry groups that posted annual decreases.

PSA said that month-on-month, the PPI decreased by 0.4 percent in June from 0.1 percent in May. It was also lower than the 0.6 percent recorded in the same month last year.

“Leather products, which declined by 9.1 percent, led the 14 major industry groups that pulled-down the PPI in June 2019,” PSA said.

Other industry groups which posted a decline were food manufacturing (5.0 percent), transport equipment (3.9 percent), chemical products (4.9 percent), basic metals (5.9 percent), machinery except electrical (3.5 percent), electrical machinery (1.5 percent), petroleum products (2.1 percent), fabricated metal products (6.6 percent), footwear and wearing apparel (8.3 percent), miscellaneous manufactures (7.3 percent), wood & wood products (8.0 percent, paper & paper products (1.5 percent), and textiles (1.8 percent).

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